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Please review the language in this proposed agreement. I intend not to name the other spouse as my beneficiary or trustee of my life insurance. Does this language as crafted allow me to leave life insurance to a bank of other professional trustee without spouse being irrevocable beneficiary
Life Insurance. It is agreed that, as long as both parties are legally obligated to
support any children, each party shall contract for and keep in full force and effect a life
insurance policy with a face value of $150,000.00, with the other party, as trustee for the
children, designated as irrevocable beneficiary. Pursuant to Florida Statute 732.703, each party
shall be required to re-designate the other party as irrevocable beneficiary of their existing term
life insurance, after entry of the Final Judgment of Dissolution of Marriage. Within thirty (30)
days after the insurance policy has been obtained, each party will provide to the other the name
and address of the insurance company, the policy number, and a copy of the insurance policy.
In lieu of designating the other party as trustee for the children, either party may have the
option of designating a professional trustee, however, the face value of the life insurance shall
increase to $xxxxxxxxx to cover the expense of the trustee.
Within thirty (30) days after the insurance policy has been obtained, each party will
provide to the other the name and address of the insurance company, the policy number, and a
copy of the insurance policy.
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